12 News Defenders expose online investment fraud - WSFA.com Montgomery Alabama news.

12 News Defenders expose online investment fraud

Posted: Updated:
  • More newsMore>>

  • US military targets extremists in Somalia

    US military targets extremists in Somalia

    Tuesday, September 2 2014 2:54 AM EDT2014-09-02 06:54:47 GMT
    The Pentagon says U.S. military forces have targeted the Islamic extremist al-Shabaab network in an operation in Somalia.More >>
    U.S. military forces targeted the Islamic extremist al-Shabab network in an operation Monday in Somalia, the Pentagon said.More >>
  • Detroit's historic bankruptcy trial to begin

    Detroit's historic bankruptcy trial to begin

    Tuesday, September 2 2014 2:11 AM EDT2014-09-02 06:11:03 GMT
    Lawyers for Detroit will attempt to convince a judge with the start of the city's bankruptcy trial that its plans to wipe out billions of dollars in debt should be approved.More >>
    Lawyers for Detroit will attempt to convince a federal judge at the city's bankruptcy trial that its plans to wipe out billions of dollars in debt should be approved.More >>
  • Civil disobedience expected in fast-food pay fight

    Civil disobedience expected in fast-food pay fight

    Tuesday, September 2 2014 12:29 AM EDT2014-09-02 04:29:46 GMT
    McDonald's, Wendy's and other fast-food restaurants are expected to be targeted with acts of civil disobedience that could lead to arrests Thursday as labor organizers escalate their campaign to unionize...More >>
    McDonald's, Wendy's and other fast-food restaurants are expected to be targeted with acts of civil disobedience that could lead to arrests Thursday as labor organizers escalate their campaign to unionize the...More >>

MONTGOMERY, AL (WSFA) - With interest rates as low as they are, it's a great time to buy a house, but a lousy time to invest. Rates on many 5-year CDs, for example, are below 1%.

That's why it's easy to get suckered into amazing investment deals. But sometimes the deals are scams. And they're cropping up more often.

Joseph Borg and his team at the Alabama Securities Commission discovered outlandish investment claims made by an England-based website called 'Profitable Sunrise.' Its slogan was "get richer with every sunrise."

The website was promising investment returns of 2.15% per day. That's an outrageous 700% per year!

"I think because they used a per-day percentage, people kind of glossed over the mathematics," Borg explained.

Borg says some Alabamians fell victim to the scam. His office issued a cease and desist order and 'Profitable Sunrise' is no longer online.

But there are others still out there.

"And some of the websites are really slick," Borg warned. "They look professional. They sound professional. If you read them carefully though, you go, 'what's that all about?'"

So if anything sounds suspicious, think twice. And before making any investment, Borg advises asking if the company is licensed to do business in Alabama.

"We have a great statute here. It says if you want to do business in Alabama, no matter where you are, get a license."

To find out if an investment company is licensed in Alabama, it's as easy as calling the Alabama Securities Commission. The number is 1-800-222-1253.

Copyright 2013. WSFA 12 News. All Rights Reserved.

Powered by WorldNow